Why Nikola Stock Is Jumping Today
Nikola (NASDAQ: NKLA) is making big gains on Monday. The electric-vehicle (EV) specialist's share price was up 8% as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence.
Nikola is gaining ground following recent filings with the Securities and Exchange Commission (SEC) showing that it expects to complete the sale of convertible debt notes. The new note offering is on track to generate $40 million in new funding.
Nikola submitted a series of filings to the SEC on Sept. 22 pertaining to its plans to raise capital through the sale of convertible debt notes. These are bonds that grant the holder a 5% annual yield and come with the option of being converted into stock if Nikola wishes upon completion of the holding term.
Source Fool.com
